Berkadia’s Recent Financing Activity
In the past 30 days, Berkadia’s Jay Healy and Andrew Lanzaro have closed $111.5 million across four financings for four separate sponsors, encompassing eleven properties in six states. The activity included three bridge financings totaling $69.6 million from Berkadia’s proprietary balance sheet and a $41.9 million HUD refinance. The first transaction was a $9.1 million bridge-to-HUD loan for a repeat client based in El Segundo, California. Proceeds were used to retire senior debt and a portion of related-party acquisition financing in advance of a HUD refinance. The collateral is a 79-unit, 2006 vintage assisted living and memory care community in Nampa, Idaho, which the sponsor acquired... Read More »
Developers Divest Class-A Seniors Housing Portfolio
A portfolio of seniors housing communities sold, with the six assets located across two states in the Kansas City, Kansas MSA. The seller was a joint venture between Hunt Midwest, a Kansas City-based real estate development company, and Principal Senior Living, a Georgia-based developer/owner/operator of senior living communities. The portfolio comprises 413 assisted living/memory care units in Kansas City, Blue Springs and Raymore, Missouri, and Olathe and Lenexa, Kansas. The Class-A buildings were built between 2015 and 2019, and at the time of closing they were over 90% occupied. Berkadia’s Ross Sanders, Dave Fasano, Cody Tremper and Mike Garbers handled the deal on behalf of the... Read More »
Joint Venture Acquires Full-Continuum Community in Las Vegas
After acquiring two Class-A seniors housing communities in March through separate transactions, Clarion Partners made another purchase, in Las Vegas, Nevada. The previous two additions to its portfolio were Vitality Living Franklin in Tennessee, and The Gallery at Spokane in Washington. The Washington deal was done through a joint venture with Franklin Templeton. Completed in two phases in 2008 and 2010, San Martin Senior Living in Las Vegas consists of a two-story building comprising 144 independent living and assisted living units, plus a single-story building with 30 memory care units. The community, which will be rebranded as The Grand at Southern Hills, is located within a large... Read More »
Partnership Acquires Two Long Island Communities
Two Long Island assisted living communities were sold by their original developer/operator. Village Green Senior Living in Levittown (opened in 2020) and Village Walk Senior Living (opened in 2018) in Patchogue were acquired by a partnership between Fundamental Advisors, Scribner Capital and Atria Senior Living. They will be renamed Atria Levittown and Atria Patchogue, respectively. The newer vintage assets will complement Atria’s existing Long Island portfolio, and the operator expects to increase the occupancy and operating margins. With these additions, Atria now operates 18 communities across New York City and Long Island. Read More »
Artemis Real Estate Partners Purchases Class-A Community
The developer of a Class-A seniors housing community in the Minneapolis, Minnesota MSA, has passed the torch to a new owner. Pillars of Lakeville, now known as The Crest at Lakeville, sits on 1.8 acres. Oppidan Investment Co., a company that developed multiple Pillars senior living properties in Minnesota, acquired the land from Crossroads Church, and construction on the asset began in 2021. Opened in 2023, the community comprises 100 independent living, assisted living and memory care units and is connected to a childcare facility that is operating out of the Church. Ebenezer Management Services, Minnesota’s largest senior living operator, was managing the community. According to... Read More »Schedule a demo
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